Planning and advice options
Planning and advice options
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If you’re thinking about your future and looking to get your finances in the best shape possible, we highly recommend seeing a financial planner.
Whatever your age, life-stage or level of wealth, financial advice can help you get where you want to go.
You can choose your own financial planner or you can take advantage of the service available through Industry Fund Services (IFS). If you don’t have an existing relationship with a planner, you can contact the Financial Advice Association Australia (FAAA) and access their “Find a financial planner” service to locate an FAAA member near you. The financial planners at IFS can advise you about the options available to SA public sector employees.
Choosing IFS means:
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Your appointment can be held at Super SA (Pirie St, Adelaide)1. Video appointments are also available for members who can’t make it into the office. |
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Your advice fee can be deducted from your eligible Super SA account so it won’t come out of your take-home pay. |
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Choose between a Limited or Comprehensive Advice service
Through IFS, you have two main financial advice services. Which one you choose will depend on the complexity of your financial situation.
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Limited Advice
The Limited Advice service is advice about a particular issue and doesn't take into account your full financial situation. The two Limited Advice options outlined below only address a specific area or issue, and only take into account the money you hold within your Super SA fund.
This service provides:
✓ Advice on your investment choices within your super and pension accounts
✓ Advice on superannuation contribution strategies
The Limited Advice service is
Held over the phone or a video conference
Takes between 30 to 60 minutes only
Costs between $350 - $700The Investment Choice advice looks at the investment options within your current Super SA account and provides advice on this single issue. It will be completed in one meeting and you will receive your written Statement of Advice (SoA) with the specific recommendations soon after that meeting. There is a $350 fee for this service and this can be paid directly from your Triple S, Flexible Rollover, Select or Income Stream Product account.
Contributions Advice looks at the best way for you to contribute additional amounts to your Super SA account. This will take two meetings due to the added complexity of this advice. It will also include investment choice advice as part of the recommendations. You will have an initial meeting with your planner where they will discuss your investment choice and contribution options.
IFS has advised that they will undertake additional research and modelling when preparing their advice. You will have a second meeting with your planner where they will present you with your Statement of Advice and explain the strategies they have recommended. There is a $700 fee for this service and this can be paid directly from your Triple S, Select or Flexible Rollover Product account.
Advice is provided by financial planners from Industry Fund Services.
IFS Limited advice will not address or consider any other advice needs you may have beyond the scope of the Limited Advice service.
To make a Limited Advice appointment with an IFS planner, please call the Super SA Advice Administration team on 1300 162 348.
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Comprehensive Advice
The Comprehensive Advice service is an in depth service. It looks well beyond what you hold within your Super SA fund. This service provides a full financial plan. It focuses on determining what your financial goals are and provides advice tailored to those goals.
The Comprehensive Advice service takes into account:
✓ Your financial position
✓ Your financial needs
✓ Both super and non-super matters
This in-depth Comprehensive Advice service:
Is held over the phone, video or in person here at Super SA, Adelaide
Takes between 60 to 90 minutes for the first meeting
Costs only $350 for the initial appointment and then an estimate of total fees after the first appointment
Can take between 4 to 8 weeks to prepare
Includes a Statement of Advice to explain the recommendations in depth
Provides help in implementing recommendationsThe initial appointment fee is $350. The total cost of advice is usually between $4,000 to $5,000 depending on how complicated your financial situation is. Your IFS planner will be able to provide you with a quote for advice at the conclusion of your initial appointment.
You may be able to pay some or all of these fees directly from your Triple S, Flexible Rollover, Select or Income Stream Product account. As your planner develops your financial strategy during the preparation phase, they may get in touch a few more times to further discuss your goals and needs.
Over time, your financial situation and your goals and objectives may change. Whilst IFS do not provide an ongoing review program, you are welcome to meet with them at various stages of your life to review your financial plan or get a new financial plan prepared. The same costs apply to a new financial plan but you’ll find out if you’re on track to achieve your financial goals, particularly if your circumstances have changed. Importantly, you’re in control of when you receive additional advice and you only pay for the advice you need.
To make a Comprehensive Advice appointment with an IFS planner, please call the Super SA Advice Administration team on 1300 162 348.
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Not sure about the level of advice you need?
If you’re trying to work out which advice service you need, have a look at the information below.
If you want to talk about factual product information that doesn’t take into account your objectives, financial situation and/or needsGeneral Advice Limited Advice Comprehensive Advice ✓
X
X
If you want to discuss personal financial advice that considers your objectives, financial situation and needsGeneral Advice Limited Advice Comprehensive Advice X
✓2
✓
If you only want advice on either investment choices or super contributions within your Super SA accountGeneral Advice Limited Advice Comprehensive Advice X
✓
X
If you want advice on multiple financial strategiesGeneral Advice Limited Advice Comprehensive Advice X
X
✓
If you’re seeking an in-depth analysis of your goals and advice on how to achieve the financial aspects of these goalsGeneral Advice Limited Advice Comprehensive Advice X
X
✓
If you’re after retirement funding analysisGeneral Advice Limited Advice Comprehensive Advice X
X
✓
If you’re in need of analysis of your insurance needsGeneral Advice Limited Advice Comprehensive Advice X
X
✓
If you need advice on the consolidation of your super fundsGeneral Advice Limited Advice Comprehensive Advice X
X
✓
If you’re trying to work out which advice service you need, have a look at the chart below.
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Ready to seek advice?
If you would like to learn more about financial planning or to make an appointment with an IFS planner, please call the Super SA Advice Administration team on 1300 162 348.
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Want to learn more about financial advice and what financial planners do?
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2 Only in relation to the specific topic